Once you have node.js installed, you can install phant by running npm install -g phant from your favorite terminal.
Using the -g (global) flag will make the phant executable available in your PATH.

Now you can start phant:

$ phant

phant http server running on port 8080

phant telnet server running on port 8081

This launches a telnet server for stream creation, and a http server for data input & output.
You can now open a separate window, and you should be able to create a stream by connecting to the local telnet server.